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Table: One Year at Bank One


Done...

Agreed to buy Wachovia's $8 billion credit-card operation, hoisting First USA unit to a tie for second place in the business.

Replaced 9 of top 13 managers, including the chief financial officer and the head of First USA.

Eliminated 4,700 jobs, trimming workforce 5.5%, to 80,778. Cut $500 million in costs.

Halved the dividend to 84 cents, effective last October.

Cleaned up the balance sheet by taking $4.5 billion in pretax charges in 2000 and nearly tripling loan-loss provisions to $3.4 billion.

To-Do...

Weed out unprofitable accounts among 1,800 corporate customers. Make money consistently, even as nonperforming loans rise.

Expand high-margin investment management business, which netted $322 million last year. Turn credit-card business into a consistent profit earner again.

Integrate seven computer systems, the legacy of several acquisitions.

Boost the stock price. At about $35, it's more than $6 up from when he joined, but still below its 52-week high of $41.56.


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